Financial News and Analysis | CFO Dive
WEBNorfolk Southern acting CFO goes permanent amid C-suite shakeup. The Atlanta-based freight rail operator is refilling its ranks with insiders after firing its CEO and chief legal officer who were found to be having an affair. CFO Dive provides in-depth journalism and insight into the most impactful news and trends shaping the finance industry.
Truist pushes ambitious reorganization in $750M cost-cutting plan
WEBNov 6, 2023 · Truist announced its plan to realize $750 million in cost savings over 12 to 18 months during the Barclays Global Financial Services Conference in September. At the time, CEO Bill Rogers said the company would make “sizable reductions” to its workforce over the next three quarters centered around a restructuring that included consolidated ...
SEC charges Navy shipbuilder Austal with accounting fraud
WEBAug 28, 2024 · During the period of the fraud, Austal’s share price rose 173% from Feb. 2014 until late Nov. 2015, the SEC said. When the higher costs came to light, Austal Limited wrote down more than $100 million and its share price sank. The SEC last year charged three executives at Austal USA with engineering the multi-million dollar accounting fraud.
Scammers siphon $25M from engineering firm Arup via AI ... - CFO …
WEBMay 17, 2024 · Dive Brief: British engineering group Arup lost approximately $25 million after scammers used AI-manipulated “deepfakes” to falsely pose as the group’s CFO and request transfers from an employee to bank accounts in Hong Kong, according to a report by the Financial Times.; According to Hong Kong police, a staff member received a message claiming to be from Arup’s CFO — based in the U ...
Long-term investor frees new Fender CFO to think bigger than exit
WEBJan 28, 2022 · The privately held company’s orders jumped 29% to $1 billion in 2021 from the year earlier, he said. Based on the 2x-3x revenue multiple that lifestyle brands trade at, that roughly pencils out to peg the company’s valuation at $2-$3 billion, he said. “The company has come a long way, he said, noting it was losing money on $40 million in ...
KPMG cuts about 1,900 more US jobs - CFO Dive
WEBJun 27, 2023 · New York-based KPMG U.S. is laying off about 1,950 employees — roughly 5% of its 39,000-person workforce — with cuts extending across all of its businesses, including tax, auditing, and advisory services, according to company spokesperson Russ Grote. The layoffs follow an earlier round in February in …
Following first earnings, new Morgan Stanley CFO reflects on …
WEBJul 15, 2021 · Analysts got their first look at Sharon Yeshaya as Morgan Stanley's new CFO Thursday when the bank shared its quarterly earnings.. After discussing the bank's strong quarter, with a $14.8 billion net revenue and $3.5 billion net income, Yeshaya, whom the bank promoted from head of Investor Relations to CFO on June 1, described her unconventional ascent to Bloomberg.
Citigroup’s Mason tops list of highest-paid bank CFOs
WEBSep 1, 2023 · Citigroup Inc. CFO Mark Mason was the highest-paid finance chief in the U.S. banking industry in 2022, with total adjusted compensation of approximately $15 million, according to an S&P Global Market study released Thursday. Mason, a 22-year veteran of the New York-based bank who has served as its …
Cybersecurity ops budgets expected to climb: KPMG - CFO Dive
WEBMay 14, 2024 · Currently, the average annual SOC budget stands at $14.6 million, according to KPMG. The anticipated boost in security budgets comes amid a growing number of cyberattacks against large organizations, according to Ryan Budnik, director of cyber threat management at KPMG. Chief information security officers are “acknowledging that there is an ...
Businesses need ‘eye in the sky’ scanning for geopolitical risks ...
WEBMay 3, 2024 · Organizations seeking to gain an understanding of geopolitical risks should take an overarching “eye in the sky” approach to geopolitical risk management, he said, with efforts to scan risks and opportunities and identify which are most consequential. Organizations, he noted, should also evaluate risk versus return scenarios for different ...